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Pattner-PQ
Investment SalesNew YorkNews

KKR to Acquire 10,000-Bed Student Housing Portfolio from BREIT for $1.6 Billion

by Katie Sloan

New York City — Funds managed by KKR have agreed to acquire a 10,000-bed student housing portfolio from Blackstone Real Estate Income Trust Inc. (BREIT) for $1.6 billion.  The portfolio consists of 19 properties located across 10 states in markets including Auburn, Alabama; Tempe, Arizona; Boulder, Colorado; State College, Pennsylvania; and Charlottesville and Petersburg, Virginia. Further details on the properties were not disclosed.  The communities were acquired by BREIT through a joint venture with Greystar Real Estate Partners in 2018. The acquisition was announced in conjunction with Greystar’s larger $4.6 …

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Twin-River
FinanceNew YorkNews

TSB Capital Advisors Arranges Refinancing for Twin River Commons Near SUNY Binghamton

by Katie Sloan

Binghamton, N.Y. — TSB Capital Advisors has arranged the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus in Binghamton. The floating-rate loan was secured on behalf of the borrower, Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a state-of-the-art fitness center, complimentary Wi-Fi, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. Further details on the financing were not disclosed. 

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Company NewsNew YorkNewsSouth Carolina

Aptitude Development Partners with Counslr to Offer Free Mental Health Support for Residents

by Katie Sloan

Rochester and Ithaca, N.Y. and Conway, S.C. — Aptitude Development has partnered with mobile app Counslr to provide free mental health support for residents across the firm’s student housing portfolio. The partnership launched at three of Aptitude’s communities on the East Coast and will expand nationwide over the course of 2024. The first three communities to offer Counslr include The Marshall, serving students attending the Rochester Institute of Technology in New York; The Ithaca, serving students attending Ithaca College and Cornell University in New York; and The Pier, serving students attending Coastal …

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99-Claremont
DevelopmentFinanceInvestment SalesNew YorkNews

Charney Cos., Criterion Real Estate Acquire Student Housing Property in Manhattan

by Katie Sloan

New York City — A joint venture between Charney Cos. and Criterion Real Estate Capital has acquired 99 Claremont Avenue, a seven-story student housing community located in the Morningside Heights neighborhood of Manhattan. The new ownership plans to renovate the 92-year-old building, which rises seven stories. Madison Realty Capital provided a $55 million bridge loan for the acquisition and renovation of the community. 

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Syracuse
DevelopmentNew YorkNewsOn-campus

Syracuse University Announces Plans to Develop Two New Residence Halls

by Katie Sloan

Syracuse, N.Y. — Syracuse University has announced plans to develop two new residence halls after a comprehensive three-year housing review. The first community will be developed at 700 Ostrom Ave. and will offer 450 beds upon completion. An undisclosed architect has been selected for the project with construction expected to begin this year. Further details on the development were not disclosed. The university congruently announced plans to demolish Marion Hall, Kimmel Hall and an existing dining enter on the corner of Comstock and Waverly avenues to make way for a …

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Astro-Apartments
FinanceNew YorkNews

KeyBank Secures $11.1 Million Refinancing for Astro Apartments Near SUNY Albany

by Katie Sloan

Albany, N.Y. — KeyBank Real Estate Capital (KBREC) has secured an $11.1 million refinancing for Astro Apartments, a student housing community located near the State University of New York (SUNY) Albany campus on Washington Avenue. The garden-style property offers fully furnished units in studio, one- and two-bedroom configurations. Built in 1998, the complex is situated on 2.4 acres and is composed of two three-story buildings. Dirk Falardeau and Mark Flanders of KBREC’s commercial mortgage group structured the Freddie Mac, fixed-rate financing. The borrower in the transaction was not disclosed. 

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Simon-Bray-©_Thomas_Graham
Company NewsNew YorkNews

Global Student Accommodation Appoints Simon Bray to Global Head of Finance 

by Katie Sloan

New York City — Global Student Accommodation (GSA) has appointed Simon Bray to the role of global head of finance. In his new position, Bray will play a pivotal role in implementing the company’s global growth strategy. He will be responsible for the finance, fund control, tax, people and culture, treasury and risk and compliance functions of the company, which has offices in London and New York City. Bray most recently spent eight years in senior roles at BNP Paribas in Ireland, including chief executive officer. “Simon is a fantastic …

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Jericho-Conversion
DevelopmentNew YorkNews

PX4 Development Buys Long Island Hotel for $15 Million, Plans Student Housing Conversion

by Katie Sloan

Jericho, N.Y. — PX4 Development has purchased an 80-room hotel in the Long Island community of Jericho with plans to convert the building into a student housing community with one-, two- and three-bedroom units. To that end, PX4 has secured a long-term lease with The New York Institute of Technology, which has campuses on both Manhattan and Long Island. The development team is aiming to have the building ready for occupancy in advance of the 2024 academic year. “This property, with our long-term lease to New York Tech, represents a …

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DevelopmentNew YorkNews

Hawkins Way Capital Completes 1,355-Bed Student Housing Redevelopment Project in Manhattan

by Katie Sloan

New York City — Hawkins Way Capital has completed a 1,355-bed student housing redevelopment project at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. Designed by Empire State Building architect Arthur Loomis Harmon, the 34-story building was originally constructed in 1923. Hawkins Way purchased the building in 2020, at which time it housed a Marriott-branded hotel that had recently ceased operations. The student housing community now offers 30,000 square feet of amenities, including a fitness center, laundry room, game room, performing arts studio, study rooms, community kitchen and lounges. FOUND …

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Company NewsNew YorkNews

The Dot Group Announces Board of Directors, Chief Operating Officer

by Katie Sloan

New York City — The Dot Group has announced its board of directors and appointed Joseph Manasseri to the role of chief operating officer. Manasseri most recently served as managing director of global asset management with GE Capital Real Estate. The board of directors acting alongside Manasseri includes Alec Burger, non-executive chair; Rick Pudner, non-executive director; Chantal Rickards OBE, non-executive director; CEO Nicholas Porter; CFO David Ransome; Nick Collins, chief legal officer; and Andrew Reid, general counsel and company secretary. “The caliber and track record of our board underlines our …

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